Nifty analysis and impotent levels for Thursday, 23rd February
Nifty analysis and probable important support and resistance levels for tomorrow, Thursday, 23rd February
Finally in daily time frame Nifty is bearish now, and in coming days we may expect continuation of downtrend, but it will a healthy fall if we witness an initial pull back, after an initial upside pull back and then a downward continuation.
For Thursday, range between 17614 and 175.7 will be our no trade zone, will avoid directional trade between these levels.
Tomorrow, if Nifty opens flat, then after crossing 17614 with a price action in 15-minute time frame, we may go for a bullish trade, 17712 and 17820 will be the major resistance levels. Some more minor resistance may present between these levels, but currently unable to plot them due to no proper price action.
For a gap up opening above 17614, we may have to wait for initial pullback, before entering into bullish trade. We may expect reversal form both the levels form upside, hence in case of huge gap up opening, or a bearish price action near those levels we may plan accordingly.
Below 17507 we may go for bearish trade, 17413, and 17308 will be the support levels. Here those support levels may vary, in case of reversal in Nifty from above 17594.
OI data is bearish, may consider 17700 and all above levels as resistance, and 17500 as a small support.
*Strictly a personal opinion, not at all a trade advice*
Finally in daily time frame Nifty is bearish now, and in coming days we may expect continuation of downtrend, but it will a healthy fall if we witness an initial pull back, after an initial upside pull back and then a downward continuation.
For Thursday, range between 17614 and 175.7 will be our no trade zone, will avoid directional trade between these levels.
Tomorrow, if Nifty opens flat, then after crossing 17614 with a price action in 15-minute time frame, we may go for a bullish trade, 17712 and 17820 will be the major resistance levels. Some more minor resistance may present between these levels, but currently unable to plot them due to no proper price action.
For a gap up opening above 17614, we may have to wait for initial pullback, before entering into bullish trade. We may expect reversal form both the levels form upside, hence in case of huge gap up opening, or a bearish price action near those levels we may plan accordingly.
Below 17507 we may go for bearish trade, 17413, and 17308 will be the support levels. Here those support levels may vary, in case of reversal in Nifty from above 17594.
OI data is bearish, may consider 17700 and all above levels as resistance, and 17500 as a small support.
*Strictly a personal opinion, not at all a trade advice*
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